Borrowing Money for Limited-Service Restaurants

Looking for bank loans for limited-service restaurants? An SBA loan may be just what you've been looking for. This $253,900 limited-service restaurants loan was issued by an Ohio bank.

Getting a small business loan in Galloway, Ohio was important for this company back in 2003 and, based on their loan application, they were successful in getting an SBA loan from Advantage Bank, operating out of London, Ohio. Here are the details on this Ohio small business loan.

SBA Loan Borrower

COMPANY TYPE: EATING PLACES
GALLOWAY, OH 43119

SBA Loan Lender

ADVANTAGE BANK
2 E HIGH ST
LONDON, OH 43140

This bank loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5812 - Eating Places

NAICS Code

722211 - Limited-Service Restaurants

Loan Approval Date

9/22/2003

Loan Approval Gross Amount

$253,900

Loan Approval from the SBA

Of the total $253,900 loan amount, the SBA guaranteed $190,425.

More Information on This SBA Loan

The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 4 employees. The loan application did not indicate that the small business promised to use the loan proceeds to increase staffing levels or retain any existing employees.

Getting an SBA Loan For Your Business

For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing.

There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.

Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!

About This SBA Loan Information:

All SBA loan data displayed above comes from the government's publicly available SBA loan database. Information on this page is provided by the Gaebler.com news organization to inform business owners, aspiring entrepreneurs and others about SBA loan activity. LoanCensus.com does not assist businesses with obtaining SBA loans and was not involved in any way with this transaction. For additional information, see our Loan Information FAQ.

Related Links:

Bank Credit Lines

Best London, Ohio Banks for Small Business

Ohio SBA Bank Lenders